Empowering the Next Generation: How Financial Planning Benefits Adult Kids

Preston Rosamond |

At what age did you create your first financial plan? Chances are you likely began working with a financial advisor later in life. But imagine if you could lay the groundwork for your children’s financial stability at an earlier stage than you did?

Whether you’re a new parent or experiencing an empty nest, your desire for your children to manage their wealth responsibly—both theirs and the legacy they’ll inherit—is unwavering. This is why it’s never too soon (nor too late) to help your adult children craft a solid plan to increase the likelihood of their long-term financial success.

Read on for two reasons why you should encourage your grown children to take the time to create—and stick to—a financial plan. 

It Equips Them to Manage Their Own Wealth

One common struggle among parents is teaching their children good money habits. You spent decades using your skills to build your wealth, but your children may have come after the hard work was already put in and didn’t pick up on the example you set. 

Setting your kids up with a financial plan not only helps shine a light on their current habits, it can also help them develop their own goals, dreams, and values outside of the family’s wealth. Plus, studies show if your kids put their financial goals in writing, they’ll be 42% more likely to achieve them

It Helps Solidify Your Legacy

If you have a financial plan, there’s a good chance legacy planning is a part of it. You want your children to inherit your wealth when you’re gone, but you also don’t want them to squander it. This is another area where having their own financial plan can help. 

When a financial advisor works with the next generation of a successful family, it helps transition the parent’s legacy seamlessly to the children when they pass away. It also establishes an ongoing relationship between the advisors and your children, which opens the door for clearer communication and transparency down the road.

Creating multi-generational wealth isn’t easy. It involves more than just minimizing taxes and maximizing investments in the here and now. It’s about instilling the values and habits in your children that help them remain good stewards of wealth after you’re gone. That starts with a financial plan.  

A Gift That Keeps on Giving

Introducing your kids to financial planning may seem uncomfortable or even a bit awkward, but now is the ideal moment to start. It’s important to remember you don’t have to go through this process alone—our team at The Rosamond Financial Group is ready to support both you and your children on your financial journeys.

If you believe your adult children could benefit from a financial plan, encourage them to schedule a call with us. We’re eager to offer a comprehensive review of their finances, assess their current financial status, help them establish clear goals, and develop an investment strategy that matches their risk tolerance and time frame. We take pride in empowering our clients to pursue the lives they envision through strategic financial planning and wealth management. To begin, book a free introductory meeting online and see what clients are saying about working with us.

About Preston

Preston Rosamond is a financial advisor and the founder of The Rosamond Financial Group Wealth Management, LLC with over two decades of industry experience. He provides comprehensive wealth management and financial services to successful business owners, corporate executives, and affluent retirees who enjoy simplicity and seek a professional to help them pursue their goals. Preston personally serves his clients with an individual touch, a sincere heart, and his servant’s attitude is evident from the moment you meet him. Learn more about Preston or start the conversation about your finances with him by emailing solutions@rosamondfinancialgroup.com or schedule a call on his online calendar.